How To Change The Nominee Name In Your Car Insurance Policy?

Insuring your car is one of the most primary steps you should take to protect yourself from the financial liabilities posed by owning a car. To comply with Indian traffic legislation, all car owners must have at least third-party liability insurance. Driving without a liability-only policy may result in a challan payment. While different types of car insurance policies cover different scenarios, it is very important to pick a nominee for your car insurance in case of any misfortunate event. In the event that the owner or rider of the car dies, the insurance company pays the amount of compensation to the nominee named when the policy was purchased. Selecting the nominee for your car insurance is very simple. In this article, you can read about easy steps to change the nominee for your car insurance policy. 

Who Is A Nominee For Your Car Insurance?

A nominee is a person whom policyholders appoint to receive the amount of a claim or settlement in the case of their death. The nominee, also known as a beneficiary, is the person who receives benefits on behalf of the policyholder. When purchasing car insurance coverage, customers must include the name of the nominee on the application form. In the event that the policyholder does not survive the road accident or if he or she dies after filing a claim but not receiving it, the nominees are entitled to reimbursement.

Changing The Nominee For Car Insurance

There could be many reasons why you needed to change the nominee for your car insurance. It could be the death of the nominee, or a more suitable beneficiary, or the requirement of changing the nominee depending on the policyholder’s dynamic circumstances. However, changing the nominee for your car insurance is simple. The first is that you can file an endorsement. An endorsement in a car insurance policy denotes any changes you want to make to your current policy. It's essentially a document that keeps track of the changes you make to your car insurance policy. It acts as proof that you've changed your mind about the plan. To change the name of your nominee in your plan, you must request an endorsement from your insurer during the middle of the policy year, renewal of the policy, or the start of the policy year. 

You can do this by contacting your car insurance company. All you have to do is make an application to your insurer requesting an endorsement and noting the new beneficiary or nominee's name. Depending on the insurance company's requirements, you can transmit the nominee's information via email or mail. Your insurance company does not require any documentation to make modifications to your car insurance coverage. You also don't need the permission of an existing candidate to modify the name. Under car insurance, different forms of endorsements are possible, such as name changes, address changes, contact number changes, lapsed policy renewals, and so on.

When you are trying to change the nominee online, all you have to do is visit the official website of your car insurance company and file an endorsement for the change in a nominee for your car insurance. You can then submit all the required documents for verification and the name of your nominee will be changed within minutes. 

Take Away

As the nominee is the person who receives income on your behalf while you are away, it is an important decision to make. As a result, you'll need to entrust the money to a trustworthy individual. Therefore,  if you decide to change your nominee at any point, you can follow the above instructions. You may easily update the nominee on your car insurance policy online from the convenience of your own home. Make sure to consider your options carefully before making a decision, and then follow the steps outlined above to alter the nominee on your policy.

Also Read:

How to Cancel A Car Insurance Policy and Receive A Refund?

All About Car Insurance Frauds In India

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.